Key Highlights

● The equal-weight S&P 500 slipped while the headline index rose.

● Technology, driven by chipmakers, did most of the lifting.

● Rate-sensitive sectors held the market back.

● New 52-week lows outnumbered new highs on both major exchanges.

The S&P 500 posted a third straight gain. But a closer look beneath the surface showed a market leaning heavily on a handful of large companies, as the equal-weight version of the index, which gives every member the same weight, slipped slightly on the day.

That gap between the headline index and its typical member is what market watchers call narrow breadth, meaning a small group of big winners is masking weakness across many other stocks.

Who Did the Lifting

Technology was the best-performing sector, driven by chipmakers, with the chip index rising for a fourth straight session after South Korea's SK hynix reported a record quarter. Big gains came from a select group, including Vertiv, Oracle, Micron Technology and Flex.

Energy helped too, as crude oil settled back above $100 a barrel.

Who Held the Market Back

Rate-sensitive sectors fell, with utilities, real estate and consumer staples lagging as long-dated Treasury yields climbed. A string of individual stocks also tumbled on earnings, including F5 and Enphase Energy, while regional bank shares edged lower as higher yields weighed.

On the New York Stock Exchange, advancers and decliners were roughly even, and new 52-week lows outnumbered new highs, with the Nasdaq showing somewhat healthier daily breadth but a similar pattern on new highs versus lows.